Keep What You Got: Survey Shows Affluent Crave Wealth Conservation

Keep What You Got: Survey Shows Affluent Crave Wealth Conservation

Here’s a sign of the times: RBC Wealth Management recently hired The Economist Intelligence Unit to survey wealthy subjects to discover their primary investment concerns.

More than a decade after the great meltdown, 55% said that conserving their assets for future use is their number-one investment goal.

Forty-nine percent said that having the wealth to support a long retirement was their primary investment task. In both cases, safety is clearly job one. 

An RBC spokesman said that fears of outliving one’s financial resources run deep, as healthcare, housing and many other vital living expenses sit on the inflation trend. “Even those with more financial flexibility share these concerns, which highlights the magnitude of the issue,” the spokesman said.

Respondents see a picture alternately illumined and dark. Just over half of them think it’s harder to gain and maintain wealth today than in the past. While the people polled are all successful, they say it wasn’t easy and that life can still be challenging. Once again, elevated healthcare costs were indicated – a widespread lament today, which likely won’t be quieted soon. 

On the positive side, many participants pointed to increasing opportunities to attain wealth, driven by better access to higher education, expert financial planning, new technology platforms and the abundance of information they provide. Only 8% said it’s harder to accumulate wealth than in the old days. 

In the minds of respondents, difficult domestic conditions are enmeshed in a worrisome global environment. Thirty-seven percent of the wealthy poll audience said they’ll shift resources into less-risky assets in the coming years, while only 6% said they are risk-on. Despite the weight of their cares, a great majority – 87% – believe they can achieve their financial goals and preserve their assets for the future. Pessimists rarely strike it rich. 

For more information, please read:
‘Future-Proofing’ Wealth Is HNWs’ Top Investment Priority: Survey | ThinkAdvisor

Financial Therapy: Helping People Change Bad Money Habits Long-Term Care Insurance for Peace of Mind – and a Tax Break